Posting Is Performed by Transferring Information from the

question 52

Multiple Choice

Posting is performed by transferring information from the

• A)source documents to the journal.
• B)ledger to the journal.
• C)source documents to the ledger.
• D)journal to the ledger.

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Definitions:

Periodic Reporting

The process of preparing and presenting financial statements at regular intervals, typically quarterly or annually.

Time Period Assumption

An accounting principle that allows the business activities to be divided into artificial time periods for financial reporting.

Adjusted Trial Balance

A listing of all company accounts that will appear in the financial statements after adjustments have been made for journal entries.

Current Liability

An obligation due to be paid within a year, including accounts payable, short-term loans, and other similar debts.